European Economic News Preview: UK Chancellor To Deliver Autumn Statement

RTTNews | 629 days ago

(RTTNews) - UK Chancellor of the Exchequer Jeremy Hunt will deliver the 2023 Autumn Statement on Wednesday, outlining the government's fiscal plan for the year ahead.

Hunt suggested that he will cut taxes on business to support economic growth. His options to cut taxes are limited as public debt now remains close to 100 percent of gross domestic product, which is the highest since 1960s.

The announcement is due at around 7.30 am ET.

On the eve of delivering his budget update, Hunt raised the national minimum wage by around 10 percent to GBP 11.44 an hour.

The Office for Budget Responsibility, or OBR, the independent public finances forecaster, is set to publish its revised forecasts for the economy and public finances. The Bank of England has forecast the economy to stagnate next year.

Other major economic reports due on Wednesday are the Financial Stability Review from the European Central Bank and flash consumer confidence from the euro area.

At 4.00 am ET, the ECB is set to release Financial Stability Review.

At 6.00 am ET, the Confederation of British Industry is scheduled to issue Industrial Trends Survey results. The order book balance is forecast to rise to -25 percent in November from -26 percent in October. At 9.10 am ET, ECB Board Member Frank Elderson speaks at an event organized by Bertelsmann Stiftung in Berlin, Germany.

At 10.00 am ET, the European Commission releases monthly flash consumer sentiment survey results. The euro area confidence index is forecast to improve to -17.6 in November from -17.9 in October.

European Economic News Preview: UK Unemployment Data Due

Unemployment from the UK and economic confidence from Germany are the top economic news due on Tuesday. At 2.00 am ET, the Office for National Statistics publishes UK unemployment data. The jobless rate is forecast to remain unchanged at 4.7 percent in the second quarter. At 3.00 am ET, retail sales figures are due from Turkey.

RTTNews | 12 minutes ago

Sensex, Nifty Slightly Higher In Early Trade

Indian shares were slightly higher on Tuesday despite mixed cues from global markets.

RTTNews | 1h 1min ago

Australian Market Trims Early Gains In Mid-market

The Australian stock market is trimming its early gains in mid-market trading on Tuesday, but extending the gains in the previous session, despite the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving above the 8,850 level to fresh all-time high, with gains in financial and energy stocks partially offset by weakness in mining and technology stocks.

RTTNews | 1h 48min ago

Asian Markets Trade Mostly Higher

Asian stock markets are trading mostly higher on Tuesday, despite the broadly negative cues from Wall Street overnight, with the Australian and the Japanese markets hitting record all-time highs, as the U.S. and China agreed to extend their tariff truce for another 90 days. Optimism about the US Fed cutting interest rate at its next meeting is also aiding market sentiment.

RTTNews | 2h 27min ago

Sensex, Nifty Set For Muted Open On Mixed Global Cues

Indian shares are seen opening flat to slightly lower on Tuesday after rising sharply in the previous session as the announcement of a meeting between Russian President Vladimir Putin and U.S. President Donald Trump has fueled expectations of a potential end to sanctions limiting supply of Russian oil to other markets.

RTTNews | 2h 58min ago

Japanese Market Sharply Higher; Up 2%

The Japanese stock market is trading sharply higher on Tuesday, extending the gains in the previous five sessions, despite the broadly negative cues from Wall Street overnight, with the Nikkei 225 surging over 2 percent near the 42,700 level to record all-time highs, with gains across all sectors led by index heavyweights, technology and financial stocks.

RTTNews | 3h 52min ago

Indonesia Stock Market May Be Stuck In Neutral On Tuesday

The Indonesia stock market has tracked higher in back-to-back sessions, improving more than 115 points or 15 percent along the way. The Jakarta Composite Index now sits just above the 7,600-point plateau although it's expected to open in the red on Tuesday. The global forecast for the Asian markets is soft ahead of key U.S. inflation data. The European markets were mixed and the U.S. bourses were down and the Asian markets also figure to track into the red.

RTTNews | 4h 0min ago

Renewed Consolidation Likely For Hong Kong Stock Market

The Hong Kong stock market moved higher again on Monday, one session after snapping the four-day winning streak in which it had rallied more than 570 points or 2.4 percent. The Hang Seng Index now rests just above the 24,900-point plateau although it may hand back those gains on Tuesday. The global forecast for the Asian markets is soft ahead of key U.S. inflation data. The European markets were mixed and the U.S. bourses were down and the Asian markets also figure to track into the red.

RTTNews | 4h 15min ago

EURUSD	1.16187	GBPUSD	1.34292	AUDUSD	0.64997
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